Nov 25, 2019 — Purchase Return Bookkeeping Entries Explained ... The amount owed to the supplier would have been sitting as a credit on the accounts payable ...
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Purchases Returns Journal
On the income statement, the purchases returns and allowances account is ... returns the merchandise, and makes a journal entry that decreases (debits) .... The four main special journals are the sales journal, purchases journal, cash ... and closing entries, and can be for sales returns and/or purchase returns.. Mar 13, 2019 — Purchase Return: When inventory purchased is subsequently returned to the supplier, the journal entry is to debit accounts payable or accounts ... 3925e8d270